Spectra Energy Corp. (SE), first discussed here on September 28, 2009 at a price of $19.19, continues to make a bee-line to $40 and beyond, and I obviously still like the business model at this stage.

Spectra's key revenue driver -- natural gas transmission -- has survived the period of sub-par natural gas prices, which will likely continue to rise modestly in 2011. Further, while few are expecting a surge to $6 per million BTUs (MMBtus) for nat gas anytime soon, the uptrend in prices and project expansion should propel higher storage and transport revenue.

Analyst Upgrades

• Molycorp (MCP) to overweight from neutral at JPMorgan.
• Humana (HUM), HealthSpring (HS) and UnitedHealth (UNH) to buy from neutral at UBS.
• Williams Cos. (WMB) to conviction buy from neutral and UBS (UBS) to buy from neutral at Goldman.
• China Kanghui (KH) to overweight from neutral at Piper Jaffray.
• Arthur J. Gallagher (AJG) to buy from hold at Citigroup.
• Armstrong World (AWI) to buy from hold at BB&T.
• Time Warner (TWX) to buy from hold at Benchmark Co.
• Calpine (CPN) to overweight from equal weight at Barclays.
• 3M Company (MMM) to neutral from underperform and Kirby (KEX) to buy from underperform at BofA/Merrill.

Spectra Energy Corp. (SE), first discussed here on September 28, 2009, at a price of $19.19, still qualifies as a potential 'winner company for the current decade,' and I obviously still like the shares here.

Spectra's key revenue driver -- natural gas transmission - has survived the period of sub-par natural gas prices, and natural gas prices will likely continue to rise modestly in 2011. Moreover, while no one is expecting a surge to $6 per million BTUs (MMBtus) for natural gas anytime soon, the uptrend in prices and project expansion should propel higher storage and transport revenue.

Spectra Energy Corp. (SE), first discussed here on September 28, 2009 at a price of $19.19, appears to have survived its 'June swoon,' and I obviously still like the shares here.

The main reason for the optimism? Spectra's key revenue driver -- natural gas transmission -- has survived the period of sub-par natural gas prices, which will likely firm in late 2010, heading in to 2011. While no one is expecting a surge to $6 per million BTUs (MMBtus) for nat gas anytime soon, the uptrend in prices should propel higher storage and transport revenue, and project expansions should do the same for earnings.

Further, SE's Western Canada Transmission and Processing unit is benefiting from an expansion, and from higher volumes.

A meandering Dow and an uncertain U.S. economic outlook can give any investor a case of the jitters regarding potential equity plays. Therefore, for those investors who require a little more safety, here are a few dividend-oriented stocks, listed from highest to lowest risk:

Spectra Energy (SE). This largely mid-stream natural gas company is still a relative bargain at roughly $22.50 and its $1.00 annual dividend -- a 4.4% yield, gives you a decent yield and the chance for growth, too.

I first wrote about Spectra Energy (SE) on September 28, 2009, at a price of $19.19. Its shares have, like many energy plays, overcorrected during the Dow's recent dip, but Spectra's pull-back can be viewed as a decent time to scoop-up shares.

Spectra's key revenue driver? The period of soft natural gas prices appears to be ending. While no one is expecting a surge to $6 per million BTUs (MMBtus) for nat gas anytime soon, the uptrend in prices should propel higher storage and transport revenue, and project expansions should do the same for earnings.

Midstream natural gas company Spectra Energy (SE), which I first wrote about on September 28, 2009 at a price of $19.19, has an upward that, according to my analysis, hasn't ended. Here's why:

The period of soft natural gas prices appears to be ending, hence the argument that the minor Spectra pull-back, in-sync with the Dow's late January/early February correction, is a good time to establish a position or add to shares, remains in force.

Analyst Upgrades

• Citigroup upgraded PPG Industries (PPG) to buy from hold on expectations the company will benefit from increased auto production in 2010. The firm raised its price target on shares to $71 from $62.
• Stephens upgraded H&R Block (HRB) to overweight from equal weight as it believes the company is well positioned to gain market share with the problems at Jackson Hewitt (JTX). The firm raised its target price on H&R Block shares to $28 from $22.
• Credit Suisse raised Tyson Foods (TSN) to outperform from neutral and raised its target to $16 from $13. The firm believes Tyson is a cyclical stock in the early stages of a rebound in protein processing.
• Lennar (LEN) was upgraded to overweight from equal weight at Barclays.
• Chipotle Mexican Grill (CMG) was upgraded to market perform from underperform at Wells Fargo.
• Spartech (SEH) was upgraded to buy from hold at KeyBanc.

Mid-stream natural gas company Spectra Energy Corp (SE) has treaded-water since the September 28, 2009 Buy recommendation at $19.19, but I'm nevertheless Reiterating my Buy call. Here's why:

While some institutional investors have exited Spectra's shares recently on short-term profit-taking at year-end, the period of soft natural gas prices appears to be ending, hence the argument that the minor SE's pull-back is a good time to establish a position or add to shares remains valid.

Analyst initiations:

• Allegheny (NYSE: AYE) was initiated with a buy at Citigroup as attractive at current levels. Target is $33.
• PPL Corp. (NYSE: PPL) was initiated with a buy at Citigroup. Citi believes PPL's earnings power from the Pennsylvania regulated utility market is being underappreciated. Target is $35.
• FirstEnergy (NYSE: FE) was initiated with a Buy at Citigroup who believes the company's current valuation doesn't reflect its transition to full market-based rates in 2011. Target is $56.
• Waste Management (NYSE: WM) coverage resumed with a Neutral at Goldman.
• Exxon (NYSE: XOM) initiated with a Buy at Soleil. Target is $90.
• Vodafone (NYSE: VOD) was initiated with a Buy at ING Group.

Analyst upgrades:

• Piper Jaffray upgraded Viacom (NYSE:VIA) to Overweight from Neutral to reflect the improving ad market and better ratings at key cable networks. The firm raised its target on shares to $35 from $29.
  
• Baird upgraded Research in Motion (NASDAQ:RIMM) to Outperform from Neutral on valuation as it views the recent weakness as a buying opportunity. The firm keeps an $84 price target on shares.
  
• Jefferies upgraded Usana (NASDAQ:USNA) to Buy from Hold as it believes direct selling companies have been gaining momentum. The firm raised its target on shares to $44 from $37.
• AK Steel (NYSE:AKS) was upgraded to Buy from Hold at Deutsche Bank.
  
• First Merit (NASDAQ:FMER) was upgraded to Perform from Underperform at Oppenheimer.
  
• Spectra Energy (NYSE:SE) was upgraded to Conviction Buy from Neutral at Goldman.

Time to scoop up shares of a somewhat under-the-radar natural gas play: Spectra Energy Corp. (NYSE: SE).

Spectra owns and operates a diversified portfolio of natural gas-related energy assets and is primarily a natural gas midstream company. It operates in three natural gas segments: transmission and storage, distribution, and gathering and processing.

Analyst upgrades:

• Barclays upgraded Spectra Energy (NYSE: SE) to Overweight from Equal Weight. The firm believes Spectra's valuation is attractive and that the dividend is secure.
• Soleil upgraded Sunoco (NYSE: SUN) to Buy from Hold on valuation following the recent pullback and maintains a $45 target on the stock.
  
• Friedman Billings upgraded O'Reilly Automotive (NASDAQ: ORLY) to Outperform from Underperform on valuation and the company's better than expected sales and earnings acceleration. The firm has a $38 target on the stock.
• Royal Caribbean (NYSE: RCL) was removed from Goldman's Conviction Sell List.
  
• Intercontinental Hotels (NYSE: IHG) was raised to Buy from Hold at Jefferies.
  
• Valspar (NYSE: VAL) was lifted to Neutral from Underweight at JP Morgan.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Akamai Technologies Inc. (NASDAQ: AKAM) earnings prospects garnered an analyst's upgrade.
• Applied Materials Inc. (NASDAQ: AMAT) warned of a loss for the quarter due to the economic slowdown.
• Burger King Holdings Inc. (NYSE: BKC) posted lower Q2 profit and revenue that missed estimates.
• Clorox Co. (NYSE: CLX) Q2 profit fell but beat estimates, and it reaffirmed its full-year guidance.
• Dow Chemical Co. (NYSE: DOW) swung to a Q4 loss and warned that low demand will continue.
• Hartford Financial Group Inc. (NYSE: HIG) posted a loss, cut its dividend, and offered weak guidance.

Analyst upgrades:

• Baird upgraded Carlisle (NYSE:CSL) to Outperform from Neutral and lowered their target to $25 from $33 following the company's Q4 results citing attractive valuation and solid execution.
  
• Citigroup upgraded Talbots (NYSE:TLB) to Hold from Sell on valuation as they believe the company's cash flow is improving and does not expect the company to face bankruptcy in next three years.
  
• Jefferies upgraded shares of Spectra Energy (NYSE:SE) to Hold from Underperform on valuation following the company's Q4 results and raised their target price to $15 from $11.75.
• Costco (NASDAQ:COST) was upgraded to Buy from Neutral at UBS.
  
• AU Optronics (NYSE:AUO) and LG Display (NYSE:LPL) were upgraded to Buy from Neutral at Banc of America/Merrill.
  
• Alpha Natural (NYSE:ANR) was raised to Buy from Hold at Natixis.